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1551 East Willow Street

Phoenix Investors Acquires 670K SF Industrial Facility In Kankakee For Capital Improvements
SOLDIndustrial

Phoenix Investors Acquires 670K SF Industrial Facility In Kankakee For Capital Improvements

1551 East Willow Street

Building Size

670,000 SF

Asset Type

Industrial

Closing

Jan 29, 2026

AI

Phoenix Investors acquired a former Heinz Pet Food industrial facility located at 1551 East Willow Street in Kankakee. The property comprises 670,000 square feet and features significant attributes such as 87-foot clear heights and 41 dock doors. Additionally, the site has a power capacity of 43 MW.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not specified
  • Address: 1551 East Willow Street
  • Market: Kankakee
  • Square Footage: 670,000
  • Buyer: David M. Marks & Frank Crivello - Phoenix Investors

David M. Marks and Frank Crivello plan to implement capital improvements on the site. These enhancements include white-boxing, upgrading to LED lighting, and the addition of new dock doors, aiming to modernize the facility for either single or multi-tenant industrial use.

Players

Phoenix Investors
Phoenix InvestorsBuyer

Kankakee Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93